Jobless Claims Jump Most Since Sandy, Now Flat For 13 Months

While the popular meme is that jobless claims have been indicating an albeit modestly growing economy, it would appear that facts simply do not reflect that reality. Jobless claims surged this week, missing expectations by the most since Sandy as seasonal affectations are in the rear-view mirror. For 13 months, we have meandered around a flat-line initial claims number in the 365k range - and we remain there. What is most troubling about this total catastrophe that occurred in Emergency Unemployment Compensation. After last week's record-breaking plunge of over 350k, this week saw a surge of over 418k added to the EUC rolls - the biggest 2-week jump in two months. The noise in this data remains impressive and yet it is the correlated macro data that appears to be at the heart of so many people's belief in the equity market's strength...

From last week's impressive statistical print - there was only one state that saw claims rise...Florida:

The largest increases in initial claims for the week ending January 19 were in Florida (+1,157), Arizona (+295), and Vermont (+77), while the largest decreases were in Pennsylvania (-12,625), Texas (-10,448), North Carolina (-9,287), New York (-7,379), and Indiana (-6,069).

We just have some stuff to do before we start worrying about jobs again. Just as soon as we get around to steroids in baseball and guns....we'll get right on that jobs stuff. Besides the election is over, we won't have to worry about it for at least a couple years.

dont worry, somehow the market interprets this as positive. u cant make this shit up.

the funny part about how everyone keeps saying the economy is improving, so that begs the question, why the fuck do we need the fed involved if things are improving around the globe like all these fuck faces claim it to be?

If obama would just send me a check every month i wouldnt complain as much, but i feel like i need to contribute to society instead of sitting on my front porch waiting for my welfare check and then going to buy drugs.

Jumping jobless claims is traditionally bullish for PMs, which was exactly what happened today after publishing the number. Almost immediately the gold price started being dragged down for a longer while literally at all costs until it eventually fell down below yesterday's level. Totally illogical.

The cartel has to be extremely nervous of PMs these days. Either they somehow feel that the current fragile confidence in the status quo would be seriously threatened by a significant upward move, or they must keep the prices low because of the affordability to manage swap/lease maturities... or keep on buying new gold for Buba. The PM farce thus goes on.